Credit cards are certainly a fact of modern day life. After all have you tried to book a plane reservation, rent a vehicle, or book a hotel reservation? You know that it’s virtually impossible. Nicely that may be but every year many end up in a credit mess. If that’s you, then you might be looking for another type of credit card like the cash secured credit card.
A secured card will require you to location cash collateral on deposit. That will then become your credit limit within the card. Now there is a little bit of irony here since these are often referred to as cash secured credit cards, but you are not allowed to provide cash as your deposit, it must be check or money order. The card that actually does accept money is the prepaid credit card. With this type of card you determine how much cash you need to put on the card and then you use it like a debit card and when the money runs out you must put more on it to continue using it.
Over time the lender holding your cash secured credit card might wish to increase your limit without requiring you to put more cash on deposit. This happens over time as you show you are in charge of by making your payments on time.
There are many websites online that have a list of those who problem secured credit cards. So when you are in the market make sure you do your homework and look for who has the lowest interest rates and no annual fees. Watch for cards that offer a lower interest rate and then an annual fee. You should also look for credit cards that don’t charge an application fee. Always read the fine print. Many have received their card only to find out there limit has been consumed with fees. If they acquired read the fine print they would have known this was going to happen.
Most cash secured credit cards are around $500. Not all suppliers match dollar for dollar against the deposit. Many offer only 50 percent of what’s on deposit, and lots of have a maximum that they will issue whatever the deposit. If you are going to need a high credit limit you might want to consider a prepaid credit card.
Not all banks offer secured cards, but you can always start with your own bank and find out what they have to offer. And like with whatever you buy it’s important for the consumer to keep yourself informed – after all there really are the good, the bad, and the just plain ugly when it comes to secured cards. You want to seek out the good and avoid the ugly.
There is more to having this type of card, than just wanting to book a hotel or perhaps a rental car. It also is an excellent tool regarding rebuilding your credit report. In fact if the financial institution issuer doesn’t report it’s not the you want.
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You also do not want a good issuer who reports it as being a secured card as this can actually hurt your credit rather than help it.